Bankers' bonus cap 'threat to EU competitiveness'

EU finance ministers are set to debate a controversial cap on bankers bonuses on Tuesday.

Chancellor George Osborne is in Brussels today to fight a rearguard action to revise European Union plans to cap bankers bonuses at 100% of salary - 200% if specifically approved by shareholders.

Simon Lewis, Brussels lobbyist-in-chief for the banks in his role as chief executive of the Association for Financial Markets in Europe, told the Today programme: "This is a threat to Europe's competitiveness."

"These capital rules are actually very sensible, they're helping to make the system safer and sounder."